US Private Sector Growth Remains Strong In October, Price Pressures Now Consistent With 'Inflation Running Below The Fed's 2% Target'
Portfolio Pulse from Piero Cingari
The U.S. private sector shows strong growth in October, with the services sector leading and manufacturing contracting at a slower rate. Inflation pressures are easing, with prices potentially falling below the Fed's 2% target. Business optimism is high, but job creation is slowing. The S&P 500 and Invesco QQQ Trust saw gains, with Tesla rising significantly after strong earnings.
October 24, 2024 | 2:41 pm
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POSITIVE IMPACT
The Invesco QQQ Trust (QQQ) increased by 0.7%, supported by strong gains in Tesla, which reported better-than-expected earnings.
The QQQ ETF, which is tech-heavy, benefited from Tesla's significant stock price increase following its strong earnings report, contributing to the ETF's overall gain.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a 0.3% increase following positive PMI data indicating strong private sector growth and easing inflation pressures.
The SPY ETF, which tracks the S&P 500, rose due to positive economic data from the PMI reports, indicating strong growth and easing inflation, which are favorable for the stock market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tesla Inc. (TSLA) soared over 15% after reporting better-than-expected quarterly earnings, contributing to the rise in the tech-heavy QQQ ETF.
Tesla's stock price surged due to its strong quarterly earnings, which exceeded market expectations, leading to a significant positive impact on its stock price and contributing to the rise in the QQQ ETF.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90